According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions in Nigeria increased by 42.05 percent to reach N395.47 trillion in 2022. The data revealed that Nigerians spent more through cashless forms of payment, which was N117.07 trillion more than the N278.39 trillion total cashless transactions processed in 2021. The N395.47 trillion processed in 2022 was composed of transactions made on the Instant Payment System and Point of Sales terminals, the channels where cashless transactions are recorded on the NIBSS.
February 9, 2023
Nigeria Economic Update (Issue 2)
Related
Nigeria Economic Update (Issue 51)
Recently released data by the National
Bureau of Statistics (NBS) shows that there was significant increase in Nigerias
total merchandise trade for 2016Q3. Basically, the total merchandise trade
increased (quarter-on-quarter) by 16.29 percent to N4, 722 billion in 2016Q3;owing to 29.1 percent increase in exports and 6.2 percent rise in imports. Oil
exports increased by 31 percent to N1, 943 billion, while non-oil exports
increased by 20.5 percent to N440 billion. However, on the aggregate, Nigeria
recorded yet another trade deficit of N104 billion, indicating continuous
higher imports relative to exports. Overall, though there is improvement in the
performance of non-oil sector, however, this is insufficient to effectively
complement the loss in oil trade sustained since the beginning of oil price
crash. This suggests that diversification into non-oil sector may not be able
to rescue the economy in the short term. However, while the diversification
efforts should be sustained, eliminating hurdles in oil production may be
instrumental to higher exports, especially as oil price increase is gaining
momentum.